LLOYDS Banking Group is putting the hold on any further UK branch closures until the end of 2011 as its new boss Antonio Horta-Osorio completes a strategy overhaul of the business.

Mr Horta-Osorio, who succeeded chief executive from Eric Daniels yesterday, is also speeding up plans to offload more than 600 branches as part of its commitment to meet State aid rules.

The taxpayer-backed bank has until the end of 2013 to complete the sale, which includes Cheltenham & Gloucester, the TSB brand and Intelligent Finance – and has to identify a buyer before the end of this year.

Lloyds said it was pushing ahead with the plan after making “excellent” progress on integrating HBoS, which it rescued at the height of the financial crisis.